ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading Down 4.4% – Time to Sell?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s share price were down 4.4% during trading on Tuesday . The stock traded as low as $8.80 and last traded at $9.20. Approximately 6,069,150 shares were traded during mid-day trading, an increase of 16% from the average daily volume of 5,229,537 shares. The stock had previously closed at $9.62.

ProShares Ultra Bitcoin ETF Price Performance

The firm has a 50-day moving average price of $13.51 and a 200 day moving average price of $17.64.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

Several institutional investors and hedge funds have recently modified their holdings of BITU. DRW Securities LLC grew its stake in shares of ProShares Ultra Bitcoin ETF by 1,133.6% in the fourth quarter. DRW Securities LLC now owns 261,525 shares of the company’s stock valued at $5,777,000 after acquiring an additional 240,324 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of ProShares Ultra Bitcoin ETF by 1,627.7% in the fourth quarter. Renaissance Technologies LLC now owns 143,400 shares of the company’s stock valued at $3,168,000 after acquiring an additional 135,100 shares in the last quarter. IMC Chicago LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF in the first quarter valued at about $311,000. EverSource Wealth Advisors LLC grew its stake in shares of ProShares Ultra Bitcoin ETF by 98.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 49,687 shares of the company’s stock valued at $1,098,000 after acquiring an additional 24,680 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in ProShares Ultra Bitcoin ETF by 52.7% during the third quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock worth $3,551,000 after buying an additional 22,964 shares in the last quarter.

ProShares Ultra Bitcoin ETF Company Profile

The ProShares UltraBitcoin ETF (BITU) is an exchange-traded fund that is based on the Bloomberg Bitcoin index. The fund tracks 2x the daily price movements of an index that measures the price of Bitcoin. The fund uses swaps to provide leveraged exposure to Bitcoin. BITU was launched on Apr 2, 2024 and is issued by ProShares.